Commercial Real Estate

One of the nation’s top three multifamily owners purchases two Fayetteville apartment communities

By Staff Report, posted 1 month ago

Pennsylvania-based Morgan Properties is expanding its footprint into the Fayetteville region with the acquisition of two Class A apartment communities totaling 642 units. 

Morgan Properties purchased Westlake at Morganton and The Preserve at Grande Oaks from Walker & Dunlop on behalf of Morganton Development.

At present, Morgan Properties and the seller are not disclosing the price of the sale. 

Now, Morgan Properties owns five apartment communities in the area, which equals 1,530 units. 

“Since our entry into North Carolina in 2016, we’ve seen tremendous success in the Sunbelt region and continue to be opportunistic about acquisitions that increase Morgan Properties’ presence in these states,” said Jonathan Morgan, President of Morgan Properties JV. “While Class B has always been our niche, acquiring Class A communities in markets with high population growth and undersupply of multifamily housing, presents an exciting opportunity for Morgan Properties to bring our industry knowledge and top-notch customer service to new residents.”

“As the sixth largest city in North Carolina and home to the largest military base in the United States, Fayetteville has remained an attractive market for Morgan Properties since we acquired our first three communities there last year,” said Jason Morgan, President of Morgan Properties Special Situations & Principal. "We look forward to growing our presence in this attractive market and continuing to build our experience in Class A multifamily across the country.”

With the news of the acquisition, MP also announced plans to execute a $7M value-add enhancement to the communities it owns in the region, with changes to interior and the addition of smart home technology. Other amenities that communities can look forward to include a new clubhouse, dog parks, patios for grilling, a bike share program and more. 

Ico insights


north-carolina-military-business-center diane-cherry headshott

Transportation Electrification at Military Installations

Diane Cherry , North Carolina Military Business Center
tom-keith-associates-inc alex-keith headshott

Fayetteville Apartment Rental Data Reflects Need for More Multi-Family Developments

Alex Keith - Certified General Real Estate Appraiser and Property Manager, Tom Keith & Associates, Inc.
copiers-plus drew-smith headshott

5 Things to Remember Regarding Your Copier Contract

Drew Smith - Director of Communications, Copiers Plus

In The Current Issue

Economic concerns affect spending: Consumer spending patterns show more caution toward everyday spending

Sharon McCutcheon/UnsplashIn recent months, areas across the country have witnessed spikes and drops in the economy. For some this works in their favor, however, the biggest trend across the board is people being more cautious with their money. 

Moving up the ranks: North Carolina holds coveted spots on two ranked lists on business environment

Giorgia Trovato/UnsplashNorth Carolina’s business community has been the talk of the town across the nation as it has been recognized as an ideal place to work.  Last year, Business Facilities released an annual ranking that placed North Ca

Military veterans get to work: The Heroes MAKE America program & FTCC help transition military members into the civilian workforce

Photo by Heroes Make AmericaEvery year, men and women prepare to leave their life of military service and transition to civilian life – 200,000 in fact, according to the U.S. Department of Labor. For those service men and women, finding work in